This is a really critical point. People who are pro-regulation are under the premise that regulation actually does protect people. There are countless examples

This is a really critical point. People who are pro-regulation are under the premise that regulation actually does protect people. There are countless examples to the contrary. (The finance sector is even much worse than the FDA in this regard---for example Bernie Madoff was regulated, leading people to think their money was safe with him---but in some ways, the FDA is just as bad.) Of course it can help, some. I'm not going to deny the obvious. But it's highly imperfect, and it often hurts.